Breaking news

New Operating Hours Law To Transform Cyprus Hospitality Industry

by THEFUTURE.TEAM

February 16, 2026

Legislative Overhaul Targets Sectoral Modernization

The parliamentary Energy Committee is reviewing a proposal that could significantly reshape operating hours for hospitality and entertainment venues across Cyprus. The initiative also includes provisions for the establishment of recreational centres and is intended to close existing regulatory gaps while strengthening the competitiveness of the tourism and dining industries.

Industry Categorization and Operational Adjustments

The draft law introduces a new classification of service venues and adjusts operating schedules according to season. Following strong reactions from professional associations and other stakeholders, the government revised the bill before its submission for closed-door committee discussions. In line with parliamentary procedure, the detailed debate and final amendments will be decided exclusively by elected members of parliament.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Seasonal Flexibility And Specific Amendments

Under the revised proposal, pubs and bars would operate on different seasonal timetables. From May 1 to September 30, opening hours would run from 7:00 AM to 2:30 AM on weekdays and Sundays, with an extension until 3:30 AM on Fridays and Saturdays. From October 1 to April 30, weekday and Sunday operations would end at 2:00 AM, while weekend hours would extend until 3:00 AM. These changes replace earlier rules that allowed restaurants, taverns, cafés, pizzerias and snack bars to operate from 6:00 AM to 1:30 AM.

Refined Hours For Entertainment Venues

The legislation also sets updated schedules for event halls, reception venues and music or dance centres. During the summer period, these establishments would be permitted to operate from 8:00 PM to 2:30 AM on weekdays and Sundays, with later closing times on weekends. In winter, weekday and Sunday operations would end at 2:00 AM, again with extended hours on Fridays and Saturdays. Earlier drafts proposed uniform early closures, but the revised version introduces more flexibility to better reflect market demand.

Local Authority Flexibility

Municipal councils would retain the right to temporarily adjust operating hours for recreational venues for up to six months per year. This provision is designed to give local authorities room to respond to tourism peaks, festivals or regional economic needs while maintaining a consistent national framework.

Final approval of the reform is expected to come from the full House of Representatives, with the bill scheduled for submission before the April session ahead of the upcoming parliamentary elections.

The Future Forbes Realty Global Properties

Eurobank Approves €258.7M Dividend And €288M Share Buyback

by THEFUTURE.TEAM

April 29, 2026

Robust Dividend And Share Repurchase Initiatives

Eurobank S.A. shareholders approved a dividend distribution of €258.7 million at the annual general meeting held on April 28. The resolution was supported by approximately 77% of paid-up capital, representing more than 2.77 billion voting shares. The dividend will be paid from special reserves and remains subject to approval by the European Central Bank.

Strategic Share Buyback And Capital Optimization

In addition, shareholders approved a share buyback programme of up to €288 million over the next 12 months, pending regulatory clearance. The programme includes the cancellation of 28,097,019 own shares, which will reduce share capital by approximately €6.18 million. Following this adjustment, total share capital is set at €792,751,032.04, divided into around 3.6 billion ordinary voting shares with a nominal value of €0.22 each.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Enhanced Executive And Employee Incentives

Alongside capital measures, the meeting addressed remuneration. Shareholders approved an allocation of €35.2 million from special reserves for employee compensation. A five-year programme was also introduced to distribute shares to eligible executives and employees of Eurobank and affiliated entities. In parallel, a revised variable remuneration framework allows selected senior executives to receive up to 200% of fixed pay.

Governance And Audit Oversight Reforms

Changes were also made at the board level. Alexandra Reich was appointed as an independent non-executive director, replacing Jawaid Mirza. Following this appointment, eight of the thirteen board members are classified as independent. Amendments to the articles of association introduce flexibility in board terms and allow partial renewals.

Strengthening Audit And Sustainability Commitments

On the audit side, KPMG Certified Auditors S.A. was appointed as the statutory auditor for 2026. The fee is set at €1.8 million for statutory audits of separate and consolidated financial statements, with an additional €0.3 million allocated for assurance of the sustainability statement. The meeting also approved the 2025 remuneration report and confirmed committee fee arrangements, alongside updates on audit committee activity and independent director reporting.